Crashing markets thinned the ranks of America's millionaires last year as global wealth shrank for the first time since 2008

• Global wealth declined in 2022 for the first time since 2008, UBS and Credit Suisse economists said Tuesday.
• Americans were hit hardest as stocks and bonds tumbled throughout the year, the banks said. 
• Roughly 1.7 million US adults lost their status as millionaires. 

Global wealth declined last year for the first time since 2008, and Americans in particular took the biggest hit as stocks and bonds sold off and currencies fluctuated, according to a wealth report from UBS and Credit Suisse economists.